From this perspective, the principles and values expressed in the Code of Ethics constitute the first line of defence on which the Organisational Models adopted by the Mediaset Group companies are based, as well as a useful reference point for interpretation in the practical application of the same in relation to the dynamics of the company. The provisions of the Code of Ethics express the fundamental principles and values that guide the Company and exemplify the general duties of diligence, honesty and fairness that characterise the performance of duties and behaviour in the workplace.

The Code of Ethics is a set of principles and values, compliance with which is of fundamental importance for the correct functioning, reliable management and image of the Company. The various activities carried out by the Company are carried out in the context of fair competition, in compliance with the laws and regulations and generally recognised ethical principles for the conduct of business, such as honesty, loyalty, fairness, transparency and good faith.

These principles, consequently, are essential in the direction of operations, behaviour and relationships, both inside and outside of the Company itself. The Company rejects and deplores the use of improper or unlawful conduct to achieve its economic goals and adopts organisational structures designed to prevent any violation of the law, principles and values expressed in the Code of Ethics and business practices by Interested Parties, and oversees its observance and implementation.

The Company recognises the centrality of human resources and believes that an essential factor in the success and development of the company is the professional contribution of the people who work there.

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Human resources management of the Company is consequently based on respect for the personality and professionalism of each individual, within a framework of loyalty, trust and the rejection of all forms of discrimination and exploitation. In particular, the Company, through the corporate functions from time to time deemed relevant, provides for: the dissemination of the Code of Ethics to all Interested Parties through the appropriate information channels; the interpretation and clarification of the provisions contained in the Code of Ethics; the verification of compliance with the Code of Ethics, by promoting the adoption of measures resulting from any violation; any possible future upgrades and implementation of the provisions of the Code of Ethics, according to changing needs and circumstances.

The Code of Ethics is published, with adequate emphasis, on the Company's website. All interested parties, in the event that they become aware of violations of the Code of Ethics or the occurrence of events or circumstances relevant to the observance of the principles contained in it, may apply to the competent corporate functions, that will evaluate individual cases and adopt, if appropriate, the necessary action.

With regard to any reports received,subject to current legislation, absolute confidentiality about the identity and maximum protection will be provided to anyone making such reports.

In consequence, Employees and Consultants are bound to respect any decisions made by the Company. Interested parties must avoid any behaviour that might give rise to insider trading and market manipulation, even by third parties.

The Company is committed to encouraging the promotion of equal opportunities in relation to working conditions and job opportunities, training, development and professional growth, in full compliance with current legislation and the values that inspire the present Code of Ethics. The Company, in compliance with current legislation and in view of the desire to create for its Employees, Associates and Interested Parties in general a healthy and comfortable environment , has placed a ban on smoking in the workplace.

Particular care and attention is required in the use of computer and telecommunications systems eg, hardware, networks, internet and intranet, corporate email, remote access, etc.

The above is also applicable to other categories of interested parties, to the extent to which they may be specifically involved in the protection of company assets, by being allowed to use equipment, materials or resources of the Company.

The Company requires that operations or transactions carried out in the course of all its activities are properly and promptly recorded in the accounting system in accordance with the criteria established by law and on the basis of applicable accounting principles in such a way that each operation or transaction is authorised, consistent, legitimate, verifiable and supported by the appropriate and complete documentation. Documents certifying accounting records must allow for the rapid reconstruction of the single transaction, the identification of possible errors and the degree of responsibility within the single operating process.

The Company also attaches primary importance to the protection of minors and the repression of any form of exploitation, including through the use of electronic and IT tools.

Interested parties who act for or on behalf of the Company, in business relations and with the public administration, regardless of market competitiveness or the scale of any agreement being negotiated, must behave in an ethical manner and in full respect of the law and relevant regulations and act in accordance with the principles of fairness, diligence and economic efficiency. In its relationships with suppliers and third parties, the Company, and its representatives, will not accept offers of money, gifts or benefits of any kind aimed at obtaining undue advantages of any real or apparent nature.

Interested parties shall not accept, nor make, for themselves or for others, pressure, recommendations or reports, which could harm the Company or lead to undue advantages for himself, for the Company or for third parties.

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Special attention in the choice of suppliers is also given to the verification of their reliability and seriousness in terms of compliance with the relevant regulations and the specific rules governing their business.

Procurement processes are governed by specific procedures that ensure the timely identification of suppliers and the traceability of supply chains, in order to ensure the quality and legitimacy of the goods and services purchased. In compliance with the law and best practice, all procurement procedures are characterised by the search for maximum competitive advantage for the Company, as well as impartiality and the granting of equal opportunities for all suppliers who satisfy the requirements.

In cases where a supplier, in carrying out its activities for the Company, adopts conduct that is not in line with the principles contained in this Code of Ethics, appropriate measures will be adopted, which - in severe cases — may result in the resolution of existing contracts and the foreclosure of further business relations. To this end, the Company is committed to compliance with current legislation and to ensuring that its business activities, in all the sectors in which it operates, comply with the highest standards of environmental safety and compatibility.

Particular attention is devoted to the collection and disposal of waste produced by the Company, which - where possible - is treated in accordance with the principles of differentiation and recycling, in line with current legislation and best practice. Such violations damage the relationship of trust - characterised in terms of transparency, fairness, integrity and loyalty - with the Company.

Specifically, with reference to Employees including executives and managers , the violation of these rules constitutes a breach of the obligations foreseen by the contract of employment and may, therefore, result in the initiation of disciplinary proceedings with all the legal consequences, also with regard to the employment contract itself, regardless of the initiation of any criminal or civil proceedings - in cases where behaviour constitutes possible illegality - and the outcome of any subsequent legal judgment, given that the Code of Ethics is, in itself, a binding set of rules governing the conduct of the interested parties.

The Company is extremely vigilant regarding eventual violations of the Code of Ethics by senior management, given that they represent the top of the Company and the image that the Company has externally.

In the event of a violation by a senior executive who is also an employee, disciplinary action in accordance with the terms of employment with the Company will apply. Future updates or modifications to this Code of Ethics, as a result of regulatory changes, changes in civil society or other factors, must be approved - as indicated in paragraph 1 of this article - by the Board of Directors and will be promptly circulated to all interested parties.